With competition in the insurance market still as fierce as ever one would think that moving from broker to broker to get the cheapest deal would be recommended however, Incorporated Insurance Group (IIGL) have a different view.
Dean Surridge, Head of Underwriting – Contractors, explains their philosophy ‘At IIGL, we realise that understanding your clients and the risks they present is a core part of any good broker/underwriter relationship. That’s why my team and I feel that working closely together is so important. We feel it’s important to help our brokers not only to win new business and grow their accounts but also to help them to retain their valued clients’.
A sentiment no doubt shared by a number of leading brokers. Dean continues ‘With this in mind, we have created additional discounts we can apply to certain risks depending on the length of time our broker has known their client. This is because we believe that if businesses move from broker to broker each year then important information about the client can be lost; such as the full circumstances around a claim or information about the types of contracts the client had worked upon. These can therefore be forgotten or overlooked. This type of promiscuous client can often lead to higher loss ratios and poorer retention rates which in turn affects the overall performance of a carrier leading, inevitably, to increased rates’.
Mike Smith, Chief Executive Officer of IIGL, adds ‘The work Dean and his team are doing to add value to their loyal broker base just speaks volumes about what we are trying to achieve at IIGL. Supporting quality regional brokers who want to in turn support their loyal regional clients. Our philosophy is that if we can help our brokers win and retain clients to grow their business then we in turn will grow our own’.
So, if you have a loyal client base and you are wondering where to place your renewals then IIGL looks like the type of business you should be dealing with.
Call us on 0845 519 9050 or send your quotes to quotes@iigl.co.uk
